Symmetrical Triangle with Breakout in NZDJPY Towards 78.50
Trend Analysis
The main view of this trade idea is on the 30-Min Chart. The FX Cross NZDJPY is in a symmetrical triangle setup. The support trend line is connected by the 76.50 and 77 high lows while the resistance trend line is connected by the 78.11 and 77.60 lower highs. Expectations are for a breakout higher, with a target of 78.50. A failure of this setup will be observed if NZDJPY were to decline to 76.855.
Technical Indicators
NZDJPY has positive crossovers on its short (50-MA), medium (100-MA) and long (200-MA) term fractal moving averages. The RSI is greater than 50 and there has been a positive crossover on the KST.
Recommendation
The recommendation will be to go long at market, with a stop loss at 76.855 and a target of 78.50. This produces a risk/reward ratio of 1.48.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. Currently I have a position in NZDJPY.
The main view of this trade idea is on the 30-Min Chart. The FX Cross NZDJPY is in a symmetrical triangle setup. The support trend line is connected by the 76.50 and 77 high lows while the resistance trend line is connected by the 78.11 and 77.60 lower highs. Expectations are for a breakout higher, with a target of 78.50. A failure of this setup will be observed if NZDJPY were to decline to 76.855.
Technical Indicators
NZDJPY has positive crossovers on its short (50-MA), medium (100-MA) and long (200-MA) term fractal moving averages. The RSI is greater than 50 and there has been a positive crossover on the KST.
Recommendation
The recommendation will be to go long at market, with a stop loss at 76.855 and a target of 78.50. This produces a risk/reward ratio of 1.48.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. Currently I have a position in NZDJPY.
Trade closed: stop reached